Affordable Housing In Montgomery County
Kentucky


Waiting List Openings In Montgomery County

Waiting ListStatus
Kentucky Housing Corporation Housing Choice Voucher Open Now

7 Low Income Apartment Communities In Montgomery County

Main Cross Apartments

8 E Main St
Mount Sterling, KY
Call For Rent
1-2 BR
HCV Welcome

Montgomery Square Apartments

1376 Indian Mound Dr
Mount Sterling, KY
Subsidized

Wood Hill Apartments

801 Hawkins Dr
Mount Sterling, KY
62+
Accessible

Sterling Oaks

118 Ronameki Dr
Mount Sterling, KY
Accessible
Disabled Supportive Housing
Subsidized

Whitledge Hgts Add

306 W Main St
Mount Sterling, KY

The Redmond Building

41 N Maysville St
Mount Sterling, KY
HCV Welcome

Kentucky

Main And Maysville Sts
Mount Sterling, KY
HCV Welcome
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There are 7 low income housing apartment complexes which contain 423 affordable apartments for rent in Montgomery County. Many of these rental apartments are income based housing with 303 apartments that set rent based on your income. In Montgomery County, HUD housing programs support 51 rental assistance apartments through programs like Project-based Section 8. There are 120 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Montgomery County

Housing Authority Programs
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)

Other Housing Authorities located in Montgomery County

Housing Authority Programs
Housing Authority of Mount Sterling Public Housing

Guide To Affordable Housing in Montgomery County, Kentucky

Montgomery County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 423
Total Rent Assisted Apartments 303
Percentage of Housing Units Occupied By Renters 35.44%
Average Renter Household Size 2.75
Total Population 27,167
Housing Units 10,248
Average Household Size 2.61
Median Household Income $39,275 ±$3,473
Median Rent $646 ±$21
Percentage Of Renters Overburdened 35.96% ± 5.73pp

Population and Household Demographics

Montgomery County is a County in Kentucky with a population of 27,167. There are 10,248 households in the county with an average household size of 2.61 persons. 35.44% of households in Montgomery County are renters.

Income and Rent Overburden in Montgomery County

The median gross income for households in Montgomery County is $39,275 a year, or $3,273 a month. The median rent for the county is $646 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Montgomery County, a household making less than $2,153 a month would be considered overburdened when renting an apartment at or above the median rent. 35.96% of households who rent are overburdened in Montgomery County.1

Area Median Income In Montgomery County

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

In Montgomery County, HUD calculates the Area Median Income for a family of four as $51,500

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Montgomery County

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Montgomery County HUD Rental Assistance in Montgomery County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $27,850 $29,900 $31,950 $34,000
50% of Median $18,050 $20,600 $23,200 $25,750 $27,850 $29,900 $31,950 $34,000
80% of Median $28,850 $33,000 $37,100 $41,200 $44,500 $47,800 $51,100 $54,400
Low Income Housing Tax Credits in Montgomery County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1993 to 1996, 3 low income apartment communities containing 93 rental apartments have been constructed and made affordable to low income persons in Montgomery County by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Montgomery County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,050 $20,600 $23,200 $25,750 $27,850 $29,900 $31,950 $34,000
60% of Median $21,660 $24,720 $27,840 $30,900 $33,420 $35,880 $38,340 $40,800

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Montgomery County is $27,840 a year, or $2,320 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,320 by 30% to get a maximum rent of $696 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $451 $483 $580 $670 $748 $824
60% $542 $580 $696 $804 $897 $989
Fair Market Rents in Montgomery County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$500 $528 $698 $878 $1,151

Cities In Montgomery County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Mount Sterling 7 The HUD funded Public Housing Agencies that serve Mount Sterling are the Housing Authority of Mount Sterling and Kentucky Housing Corporation.
Jeffersonville 0 The HUD funded Public Housing Agency that serves Jeffersonville is the Kentucky Housing Corporation.
Camargo 0 The HUD funded Public Housing Agency that serves Camargo is the Kentucky Housing Corporation.